The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has warned Nigerians, especially market women, against the misuse of the Naira through practices such as spraying, hawking, or mutilation.
Cardoso characterized these actions as a lack of respect for the nation’s vital symbol of sovereignty.
Represented by the Acting Director of the Corporate Communications Department of the CBN, Mrs. Hakama Sidi Ali, the governor of the apex bank issued this warning on Thursday during the CBN Fair held in Kaduna.
The fair, which was themed: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” provided a platform for engaging the public regarding the CBN’s policies designed to foster sustainable economic growth and national development.
The CBN governor stated that the theme was deliberately selected to emphasize the importance of digital and alternative payment systems in advancing financial inclusion, improving the operations of Small and Medium Enterprises (SMEs), and stabilizing the economy.
“I encourage all individuals to depend solely on information provided through verified official channels of the Central Bank of Nigeria,” he stated. “It is essential to respect and maintain the cleanliness of the Naira. Avoid spraying, hawking, mutilating, or counterfeiting it. The Naira is a vital national symbol for us.”
Cardoso emphasized the main goal of the fair, which is to educate the public on how the CBN’s policies positively influence their daily lives, livelihoods, and contribute to the economic progress of the nation.
He pointed out that various sessions at the fair would introduce participants to advancements in the Nigerian payments system, microfinance activities, reforms in the foreign exchange market, financial consumer protection, and currency management.
Cardoso further stated that the apex bank is dedicated to fostering productivity and financial inclusion while fulfilling its primary mandate of ensuring monetary and price stability.
In discussing some of the bank’s recent accomplishments, Cardoso highlighted the unification of exchange rates to prevent arbitrage, the clearance of over $7 billion in verified FX backlog, and the ongoing initiative for bank recapitalization aimed at enhancing the resilience and global competitiveness of Nigeria’s banking sector.
He also mentioned the introduction of the Non-Resident Bank Verification Number (BVN) scheme, which connects Nigerians living abroad with local banking services, as well as the Nigeria Payments System Vision 2028 (PSV 2028), which aims to accelerate digital transformation and enhance inclusion.
To enhance consumer confidence, Cardoso revealed that the bank has launched the Unified Complaints Tracking System (UCTS) along with the *959# USSD code to authenticate licensed institutions and promote transparency within the financial sector.
During the event, Mr. Ahmad Dalhatu, the Kaduna Branch Controller of the CBN, characterized the fair as one of the bank’s premier public enlightenment initiatives designed to raise awareness and comprehension of its policies, interventions, and services.
Dalhatu highlighted that this initiative allows the public to interact directly with the CBN, voice their concerns, and provide feedback, thus nurturing transparency and trust.
